The Financial Report of the United States Government: How You Can - - PowerPoint PPT Presentation

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The Financial Report of the United States Government: How You Can - - PowerPoint PPT Presentation

Jan 07, 2023 336 likes •501 views

The Financial Report of the United States Government: How You Can Help Jaime M. Saling April 28, 2016 The Issue: A Disclaimer of Opinion Since 1997, the Bureau of the Fiscal Service has compiled agency financial data to prepare the

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The Financial Report of the United States Government: How You Can Help…

Jaime M. Saling April 28, 2016

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Since 1997, the Bureau of the Fiscal Service has compiled agency financial data to prepare the consolidated Financial Report of the U.S. Government, and has consecutively received a disclaimer from GAO.

The Issue: A Disclaimer of Opinion

DoD Compilation IGT

Three Primary Impediments

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  • Preparation of the Financial Report

ₒ Collaboration with agencies ₒ Support for top level journal vouchers ₒ Analysis of audit coverage ₒ Implementation of new accounting standards ₒ Variance Analysis

Progress: Compilation Material Weakness

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  • Preparation of the Financial Report

ₒ Reporting Entity ₒ Significant Entities ₒ Legal Representation Letters ₒ Treaties ₒ Criminal Debt

Plans: Compilation Material Weakness

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Current State

Governmentwide Financial Reporting System (GFRS)

Extensive Manual Entry Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS)

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2015 2016 TBD Reporting Entity

Reclassified Statements and Trading Partner Data Source Notes and Other Data Source Reclassified Statements and Trading Partner Data Source Notes and Other Data Source Reclassified Statements and Trading Partner Data Source Notes and Other Data Source

Significant Entity

Manual Entry Manual Entry GTAS* Manual Entry GTAS GTAS/ Manual Entry

Other Entity

GTAS Manual Entry GTAS Manual Entry GTAS GTAS/ Manual Entry

Planned Direction

*Notes:

1) Capability provided to agencies to adjust GTAS populated financial statement line level (to be phased out over some period of time) 2) Will still require agency CFO and IG approval

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Future State

Limited Manual Entry

Governmentwide Financial Reporting System (GFRS) Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS)

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  • Budget Statements

ₒ Pilot agencies for accrual-based reconciliation ₒ Tracing a cash transaction

Progress: Compilation Material Weakness

Payments and Collections Budgetary Outlays and Receipts

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  • Reconciliations of Net Operating Cost and

Unified Budget Deficit

Plans: Compilation Material Weakness

Agency Financial Statements (SFFAS 7) Net Cost of Operations

Net Outlays

Governmentwide Financial Report (SFFAS 24) Net Operating Cost

Budget Deficit

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  • FY 2015:

ₒ Required Root Cause and Corrective Action Plan in TFM 2-4700 ₒ Monitored Corrective Action Plan implementation ₒ Expanded IGT Metrics and Scorecards ₒ Assertion over GFRS Module GF004 Trading Partner Note

Progress: Intragovernmental Material Weakness

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  • General Fund

ₒ Completed the General Fund general ledger ₒ Focused additional resources to assist with agency reconciliations ₒ Subjected the General Fund to additional IGT controls and assertions

Progress: Intragovernmental Material Weakness

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  • FY 2016:

ₒ Monitor Corrective Action Plan implementation ₒ IGT Scorecards made available to the financial management community ₒ Expand metrics and scorecard process to monitor the “Unidentified” usage ₒ Access to a raw data file in GTAS to reconcile IGT differences

Plans: Intragovernmental Material Weakness

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  • General Fund of the U.S. Government

ₒ Continue to reconcile IGT differences with trading partners ₒ Audit Coverage

  • Internal Control Review (OMB A-123)
  • External Audit of the General Fund

Plans: Intragovernmental Material Weakness

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  • Implementation of SFFAS 47 Reporting Entity

ₒ Survey sent to agencies ₒ Determination of Consolidated Entity or Disclosure Entity ₒ Discrepancies in determination ₒ Agreement by…

  • Agency Level – Agency, IPA, and IG
  • Governmentwide – Treasury, OMB, GAO

ₒ 2016 TFM Bulletin

Future Reporting…2018

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  • Ensure completeness of the Closing Package
  • Verify GTAS data to audited agency financial

statements

  • Provide audit scrutiny over intragovernmental

balances at the agencies

ₒ Quarterly and Closing Package IGT Scorecards ₒ GTAS Intragovernmental Data

  • Collaborate with agency on Reporting Entity

Determination

How you can help…

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Contact Information

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Jaime M. Saling Department of the Treasury Bureau of the Fiscal Service (304) 480-5129 Jaime.Saling@fiscal.treasury.gov